The Neon Show Breaking Down India's B2B Digital Payment Ecosystem with Cashfree Payments CEO Akash Sinha
A report by Deloitte and Wipro estimated that the value of B2B digital payments in India will reach $700 billion by 2025, growing at a CAGR of 30% from 2020.
The B2B digital payment ecosystem in India has been growing rapidly, driven by factors such as:
# Government initiatives to promote digital payments
# Increasing adoption of mobile devices and internet connectivity
# Growing awareness of the benefits of digital payments among businesses and more
In this episode we have with us Akash Sinha, Co-founder & CEO, Cashfree payments, talking about B2B Digital payments ecosystem in India.
Cashfree Payments has processed over 200 million transactions as of 2021, with a total transaction value of over $12 billion.
It serves over 3,00,000 businesses, ranging from small startups to large enterprises, across various industries such as e-commerce, travel, hospitality, and fintech such as Dream11, Zomato, Dunzo, CRED, Acko, and Nykaa amongst others.
Cashfree Payments offers various payment solutions, such as payment gateway, payouts, auto-collect, recurring payments, and marketplace settlements. They have also launched new products like Cashgram and Cashfree AI to improve the user experience and prevent fraud.
Let’s deep dive into the episode where Akash has their initial journey with heavy competition in the market, complying with RBI regulations as a payment solution provider, and much more.
Notes -
00:00 - Highlights of the conversation
02:07 - Intro to Akash Sinha, Cashfree Payments and Payment ecosystem in India
03:09 - Journey so far & Indian payment’s landscape
06:37 - Mapping the payment landscape’s online segment
10:05 - Cashfree’s share in B2B payments in India
11:06 - Strengths of Razorpay & Cashfree Payments
13:59 - Larger customers such as - Meesho, Swiggy, Zepto, and CRED among others
14:50 - SME signups and payments insights across India
16:59 - Scaling with a Platform approach
18:14 - Being part of YC early-on
20:22 - Strengths as a CEO & Founder
24:57 - Y-o-Y growth at Cashfree Payments
26:01 - Plans for IPO
26:31 - Emotional Journey of a founder in the last 8 years
27:53 - Steering clear in a competitive market back in 2015
32:05 - Building multiple products to solve multiple problems
34:44 - India’s growing Digital infrastructure
38:03 - Advice for entrepreneurs to choose tough markets with large tailwinds
39:56 - Coming from a Non-fintech background
42:32 - How fast is the Digital payments market growing?
43:35 - How tough is it to be compliant with RBI regulatory changes?